Uwarunkowania stabilności fiskalnej w wybranych krajach Unii Gospodarczo-Walutowej

The aim of this paper is to present the current state of public fi nances in selected EMU countries not covered by the EU, IMF and ECB fi nancial aid, the challenges for fiscal sustainability and the factors affecting the risk of deviations from those forecasts in the medium and in the long-run. The analysis shows that the most important factor leading to the increased fi scal sustainability will be the success in restoring credibility in the field of the possibility of the enhanced budgetary discipline in this group of countries. It requires a deep reform of the rules of the EMU functioning. In a view of the extreme controversy regarding the direction of reforms, and in the terms of avoiding diffi cult decisions by EU institutions, ultimately the most important factor leading to maintaining fi scal discipline seems to be the existence of the fi scal sustainability culture in the individual countries.